Tax Man Knocking at China’s Homeowner Doors

Caixin reports on new tax measures in Chongqing that are seeking to tamp down property prices:

In April, the Chongqing municipal government announced a plan to tax high-end apartment owners as part of a nationwide push to curb surging housing prices.

Under the municipality’s pilot proposal, the owner of a villa worth around 3 million yuan would pay about 10,000 yuan in property taxes every year.

Chongqing Mayor Huang Qifan unveiled the plan on a government website just three days after the central government’s cabinet, the State Council, announced April 17 new measures designed to cool real estate sales.

Part of measures was to accelerate studies of new tax policies that could affect home buying decisions by individuals and investors.